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Ex Insurance manager slapped with 45 charges in $40M fraud

Jan 16, 2019 News

 

The police have instituted 45 fraud related charges against a former employee of Demerara Mutual Life Assurance, who is accused of defrauding the company of over $40M.
The charges were brought against Zameel Shaheed, 40, who is currently in the United States.
When the court orderly called out the name Zameel Shaheed, thrice, no one answered or appeared.
This caused Principal Magistrate Sherdel Marcus-Isaacs to inquire about his whereabouts. The investigating rank who was present in court told the Magistrate that Shaheed is currently residing in the US.
This disclosure by the investigating rank prompted Police Prosecutor, Vishnu Hunt, to ask the court to issue an arrest warrant for the defendant so that he could appear in court to face the charges.
However, when the Magistrate asked if the defendant was summoned by the Police to attend court, the investigating rank said no.
Hence, the Magistrate told the court that a summons must first be issued before an arrest warrant is issued. She then adjourned the matter until February 4 for report.
According to information, Shaheed was the manager of the Claims Department at Demerara Mutual Life Assurance. During the period 2013-2017, he allegedly authorized transactions amounting in excess of $40M to sixteen persons who are not entitled to claims.
He then collected the monies for his own use and benefit.
It was only recently that an audit was conducted and it was revealed that Shaheed took in excess of $40M for his own use.
The matter was then reported and an investigation was carried out and charges were instituted.
It was reported that Shaheed sent in his resignation while overseas.

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